Do High Earners Still Get Social Security?

Shawn Plummer

CEO, The Annuity Expert

Do High Earners Still Get Social Security?

Yes, high earners are eligible for Social Security benefits. The amount of Social Security benefits a person receives is based on their earnings over their career. High earners contribute more to the Social Security system, and in turn, they are eligible for higher benefits up to a certain limit.

Examples of Social Security Benefits for High Earners

  • Maximum Benefit Calculation: High earners’ benefits are calculated based on their 35 highest-earning years.
  • Benefit Cap: Anyone can receive a maximum benefit amount, regardless of their earnings. As of 2023, the maximum Social Security benefit at full retirement age is about $3,345 monthly.
  • Taxes on Benefits: High earners may have to pay taxes on up to 85% of their Social Security benefits, depending on their income levels.

Social Security Benefit Comparison

Income LevelEstimated Monthly Benefit at Full Retirement AgePercentage of Income Taxed
Low Income$900 – $1,2000% – 50%
Medium Income$1,200 – $2,40050% – 85%
High Income$2,400 – $3,345Up to 85%

Conclusion

High earners are eligible for Social Security benefits, which are calculated based on their highest-earning years. While they may receive higher benefits, a larger portion may be subject to income taxes. Understanding the balance between earnings, benefits, and taxes is crucial for effective retirement planning. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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